DK Mehrotra appointed acting chairman of LIC

The government has appointed Life Insurance Corporation of India's (LIC) Managing Director DK Mehrotra as the acting chairman of the country's largest financial institution.

"DK Mehrotra of the LIC, will in addition to his duties as managing director, hold current charge of the post of the chairman of the corporation for a period of three months or till further orders," LIC said in a statement.

The government had given Rakesh Singh, additional secretary in Department of Financial Services in the Finance Ministry, additional charge as the head of nation's largest insurance company after the five-year term of the then chairman TS Vijayan came to an end on May 2.

As per tradition, one of the managing directors of LIC is designated as chairman.

Mehrotra joined LIC as a direct recruit officer in 1977. In his 34 years' career, Mehrotra has occupied several pivotal positions spanning three zones and the corporate office.

The government owns 100% in the life insurance firm.

As per the government norms, chairman and managing director or director are appointed in the public sector entity for a period of five years or up to age of 60, whichever is earlier.

Source: Business Standard